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RCBC 'definitely not settling' with Bangladesh Bank over $81 million caper

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2018/news/06/26/rcbc.jpg"/><figcaption>A security guard stands guard outside a branch of Rizal Commercial Banking Corporation (RCBC) in Paranaque City. August 2, 2016. Erik De Castro, Reuters</figcaption></figure></div>MANILA -- Rizal Commercial Banking Corp said it would not settle with the central bank of Bangladesh, which is holding it responsible for a $81-million theft 2 years ago.The Philippines&#x27; 10th largest bank was also &quot;victimized&quot; when unidentified hackers shifted the money to RCBC accounts after they stole it from Bangladesh Bank&#x27;s account with the New York Federal Reserve, said RCBC president Gil Buenaventura.The money trail went cold in casinos and Bangladeshi authorities have recovered at least $15 million.&quot;Definitely we are not settling with them. We clarified, we are not settling any amount with them. We have been victimized,&quot; Buenaventura told reporters.RCBC is &quot;prepared to address&quot; any case that may be filed over the caper, but none has been lodged so far, he said.<ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/05/04/18/bangladesh-open-to-out-of-court-settlement-over-81m-cyber-heist">Bangladesh open to out-of-court settlement over $81M cyber heist</a></li></ul><ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/02/07/18/rcbc-faces-lawsuit-over-81-m-bank-heist">RCBC faces lawsuit over $81-M bank heist</a></li></ul>Regulators fined RCBC a record P1 billion over the incident in early 2016. Then bank president Lorenzo Tan also resigned and was replaced by Buenaventura.Congress also passed a law to include casinos in the scope of dirty money watchdogs.Buenaventura said RCBC would spend 25 percent of its entire P2 billion capital expenditures this year on security technology. Half of the total capex was allotted to digitizing the bank.&quot;Over the years, we have spent so much to protect ourselves from external threat,&quot; he said.<ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/08/05/16/rcbc-fined-record-p1-b-over-bangladesh-cyber-heist">RCBC fined record P1-B over Bangladesh cyber-heist</a></li></ul><ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/05/30/17/congress-expands-money-laundering-laws-to-include-casinos">Congress expands money laundering laws to include casinos</a></li></ul><div>-- report from Warren de Guzman, ABS-CBN News</div>

The Philippines' 10th largest bank was also "victimized" when unidentified hackers shifted the money to RCBC accounts after they stole it money from Bangladesh Bank's account with the New York Federal Reserve, said RCBC president Gil Buenaventura.

The Philippines' 10th largest bank was also "victimized" when unidentified hackers shifted the money to RCBC accounts after they stole it money from Bangladesh Bank's account with the New York Federal Reserve, said RCBC president Gil Buenaventura.